JLL closes sale of 41-storey multi-family tower in Calgary for $83.4 million
JLL Capital Markets arranged the sale of the 343 rental unit multi-family tower in Calgary, Alberta.
CALGARY, August 14, 2023 – JLL Capital Markets announced that it has closed the sale of a downtown mixed-use highrise multi-family tower in Calgary for $83.4 million, the largest multi-family deal in the market in the past year.
Located at 825-8 Avenue SW in Downtown Calgary, the tower comprises of 343 rental units, 55 of them conversion from office space, and 6,000 square feet of main floor commercial space.
According to JLL’s Q2 Office Insight, asking net rents have increased across all classes, showcasing another positive quarter in the market. As rental rates continue to increase, tenants are likely to make real estate decisions years prior to their expiry.
Additionally, Capital Investment into the province continues to accelerate. Alberta continues to transform its economic base to one that is sustainable for the long term and is poised to see its largest ever investment in infrastructure, with $10 billion being spent by the province, which will create an estimated 32,000 jobs.
“We are thrilled to be part of this important transaction that showcases how Alberta’s market continues to grow and evolve,” said Samuel Dean, Senior Vice President, Capital Markets, JLL Canada.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.